Ripple, Coinbase and Binance can operate in Singapore on the basis of a license exemption
The Monetary Authority of Singapore (MAS) has announced that Ripple Labs Singapore, Coinbase Singapore, Binance Asia Services and others can provide specific payment services. The companies obtained a temporary license exemption from the regulatory authority.
All three companies can offer digital payment services until July 28, 2020. Other companies, such as BitGo Singapore and Gemini Trust Company, can also provide account issuing, internal money transfer services and services cross-border and internal payment until January 28, 2021.
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After this date, the companies concerned are required to obtain a license to operate legally in this country.
Other notable crypto companies that were granted exemptions include Singapore entities LedgerX, OKCoin, DRW, Cumberland, GSR and Pundi X, among others.
Mahindra becomes the first Indian company to join the Marco Polo blockchain network
Tech Mahindra, the IT subsidiary of the Indian conglomerate Mahindra Group, has become the first company in India to use the Marco Polo network. It is built on the open source R3 blockchain platform and facilitates cross-border transactions.
Tech Mahindra has partnered with Singapore’s DBS Bank, which facilitated transactions and acted as the company’s largest commercial bank. Through the Marco Polo Receivables program, operations were performed faster and with less bureaucracy.
Marco Polo is a consortium of major financial and banking institutions worldwide that aims to make international trade more efficient.
Binance announces the launch of a VISA crypto debit card
Binance has announced it will launch its own crypto VISA-powered crypto debit card. Binance Card operates through the Visa ecosystem and is valid in 46 million online and offline stores. It will also operate in more than 200 countries.
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The card can be fed with Bitcoin or BNB from the Binance application. Unlike the Coinbase card, the account balance will be displayed in cryptocurrencies. The cost of issuing the physical card will be $ 15, with no further maintenance fees.
Currently, Binance Card is in beta testing system. Initially, the company plans to launch in Malaysia and Vietnam, and will later become available in other countries.
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